Prices highest since October 2023 after transit deal ends as storage supply levels in Europe fall at fastest pace since 2021

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The wholesale price of gas has risen to its highest level in more than a year after Russian supplies stopped flowing to rest of Europe via Ukraine.

Benchmark prices rose on Thursday to the highest level since October 2023, a day after a longstanding transit contract between Russia and Ukraine expired. Russian gas deliveries across Ukraine ended in the early hours of New Year’s Day.